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| Fund Overview | MHOR looks for investment that exhibit the following set of characteristics: -Opportunity - to take advantage of growth and positive alignment with industry themes and trends. -Quality business - competitively advantaged product or service offering. -Financial flexibility - appropriately resourced to capture its opportunity. -Management - with the vision and capability to bring it all together. -Fundamentally undervalued. MHOR also considers labour standards, environmental, social and ethical considerations when making investment decisions but only to the extent that these factors impact the assessment of risk or return. The minimum suggested investment timeframe is 3-5 years. |
| Manager Comments | The largest positive contributors in November were SpeedCast International (SDA), Orocobre (ORE) and Spirit Telecom (ST1). MHOR noted that SDA rose in response to higher oil prices and an upbeat presentation delivered by management at a broker conference. MHOR still think SDA shares are cheap, with an improving outlook and balance sheet likely to drive further re-rating. MHOR also noted the growing market acceptance of EV as the next global megatrend continues to drive up battery minerals stocks, such as ORE. MHOR entered November with 33 stocks and 13.5% cash, exiting with 33 stocks and 13.1% cash. The key detractor from November's performance was TopBetta (TBH) which slid after the September Quarterly report revealed their higher than anticipated costs to support the very strong turnover growth. After recently meeting with management, MHOR are further convinced on this position and see very near term positive catalysts for the stock price. |
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